Crypto and Scalability: Vitalik Buterin’s Views

Ethereum co-founder Vitalik Buterin has opined that the Bitcoin network needs solutions like zero-knowledge (ZK) rollups to evolve into something more than a payment network. During a Twitter space hosted by Bitcoin developer Udi Wertheimer, the Ethereum co-founder discussed the scaling experiments of Ethereum.

A ZK-rollup chain is a protocol that is based off-chain but is managed by on-chain Ethereum smart contracts. It offers a more efficient and faster way to verify transactions without compromising user privacy.

Buterin discussed how Ethereum has implemented several scaling solutions over the years and the recent experiments with ZK rollups and Plasma have improved throughput. He gave the example of Optimism and Arbitrum as two successful rollups that could be used as case studies for Bitcoin.

Scalability has been a major topic of discussion for both Bitcoin and Ethereum for quite some time. While Ethereum has shifted from proof-of-work to proof-of-stake, it has also been experimenting with layer-2 solutions such as ZK roll-ups and Plasma.

The latest advancements in the crypto space, such as web 3.0 examples, the complete web developer course 3.0, AI art, the latest AI, Kraken crypto, today, Crypto Shiba Inu, Kava crypto, Quant crypto, and Lunc crypto, have also helped in making the networks more scalable.

The Rise of Bitcoin Ordinals

The scalability of Bitcoin has been bolstered by its layer-2 solution, the lightning network, and recently, Bitcoin ordinals have added to its scalability. Ethereum’s Vitalik Buterin has praised the emergence of Bitcoin Ordinals, noting that it has brought back the culture of builders to the Bitcoin ecosystem.

Bitcoin Ordinals are a layer-2 solution that enables digital art to be stored on the Bitcoin blockchain with decentralization. Its popularity grew quickly and, by the end of June, Bitcoin Ordinals had generated over $210 million in trading volume.

Collect this article as an NFT to commemorate this moment in history and demonstrate your support for independent journalism in the crypto space.

Categorized in:

Tagged in: